Most people do this the wrong way around. Many go out and find they fall in love with a home and write an offer with a ‘subject to sale’ clause on it.
The seller of the next home doesn’t get excited about these terms; as there’s no certainty to the subject property selling.
Generally, the seller:
- Places a time frame for the subject property to be sold
- Is firm on their asking price
Now the buyer:
- Must prepare, market and sell under a time constraint
- Doesn’t buy well
- Often doesn’t sell well because they feel they have to accept an offer otherwise they will miss out on their dream home.
SELL FIRST
By all means go out and do your homework to ensure you will be happy to buy a property within your budget, buy don’t fall in love with one and do not put an offer on one!
Now you can:
- Get your home ready for sale – i a leisurely way
- Market your home correctly and take time to find the right buyers
- When accepting an offer, allow extra time for settlement so you can find another home. Perhaps you can negotiate renting back your home until you find your new one.
Once you have sold your home, you can now place an offer on the new house on a cash (or finance) basis ‘subject to the settlement of your home’. Sellers will negotiate better with you.
This way you will buy well and sell well.
